Coastal Projects acquires 26% in Italy's SELI for Rs 108 crore

Coastal Projects Limited, a civil engineering, construction and tunnelling company headquartered in Hyderabad, has acquired 26 per cent in Societa Esecuzione Lavori Idraulici SpA (SELI) for 17.85 million Euro (about Rs 108 crore).

SELI, which has operations across the world including in India, designs and builds hard rock and soft ground tunnel boring machines and auxiliary equipment at its manufacturing facility in Italy. The company completed more than 520 km of tunnels using mechanised excavation and 68 projects around the world.

Coastal Projects specialises in tunnelling and underground excavation for hydro-electric, irrigation, rail, road and mining projects. It has completed 75 km of tunnelling work and has 250 km under execution.

Coastal Projects and SELI have agreed to work together in South Asia in view of the large construction and development works currently in progress. Motilal Oswal Investment Advisors acted as financial adviser to Coastal for this transaction, according to a press release here on Tuesday.

Coastal Projects, with a turnover of Rs 1,300 crore, owns three tunnel boring machines (TBMs) in India and SELI’s knowhow and expertise in operations and manufacturing of these TBMs will be a differentiator at the time of bidding and execution of projects.

Coastal Projects has an order book of over Rs 7,500 crore.